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<br />been paid. However. in the event the Contractor does not draw <br />funds commencing on the date specified in paragraph D,l.a. <br />below. the obligation to repay shall be postponed for the same <br />number of months as the Contractor delays in drawing fUnds. <br />Said installment payments shall be made payable to the Colorado <br />Water Conservation Board. payable at the offices of said Board <br />in Denver. Colorado. The Contractor pledges its full faith and <br />credit in support of this obligation and warrants that it has <br />taken all steps necessary to pledge its full faith and credi't <br />for this obligation. <br /> <br />12. As security for the loan to be made to it by the <br />State. execute a ~arranty deed which shall convey to the State <br />the following: <br /> <br />An undivided eighty percent (80%) of the following: <br /> <br />a. 60 feet plus or minus of toe key drain. <br /> <br />b. 360 square yards plus or minus of spillway filter <br />blanket. <br /> <br />c. 360 square yards plus or minus of spillway riprap. <br /> <br />d. 175 linear feet plus or minus of 12-inch PVC pipe. <br /> <br />e. 120 linear feet plus or minus of 8-inch PVC pipe. <br /> <br />f. A 12-inch outlet pipe and valve box. <br /> <br />g. Three ditch control structures. <br /> <br />h. One outlet energy dissipator. <br /> <br />i. 7.000 cubic yards plus or minus of embankment fill <br />material. <br /> <br />j. 3' 011 X 0' 81' X 2' 811 of spillway cutoff wall. <br /> <br />13. Obtain and maintain general fire and hazard insurance <br />on the project in an amount not less than the outstanding <br />amount of the loan made by the State to the Contractor until <br />the Contractor has repaid the loan in full under the terms of <br />paragraph B.ll. above. The State shall be the sole insured of <br />this pOlicy. The outstanding loan amount payable to the State <br />shall be reduced in the amount of any payments made to the <br />State under this insurance coverage. If only a portion of the <br />outstanding loan amount is paid to the State under this pOlicy. <br />the number of installment payments shall remain unchanged; <br />however. the amount of each payment shall be reduced. <br /> <br />14. Comply with the Construction Fund Program Procedures <br />attached hereto as Exhibit D and incorporated by reference <br />herein. <br /> <br />15. Comply with the provisions of section 37-60-120. <br />COlorado Revised statutes. and any other applicable statutes. <br />procedures. requirements. rules. or regulations which the State <br />has. <br /> <br />16. Not sell. convey. assign. grant. transfer. mortgage. <br />pledge. encumber. or otherwise dispose of the project or any <br />portion thereof. SO long as any of the annual installments <br />required by paragraph B.ll. above remain unpaid. without the <br />prior written concurrence of the State. <br /> <br />C. Upon default in the payments herein set forth to be made <br />by the Contractor. or default in the performance of any <br />covenant or agreement contained herein. the State. at its <br />option. may: (a) declare the entire principal amount then <br /> <br />Page ~ of ~ Pages <br />